UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
Business
Investcorp portfolio firm listed
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UAE most competitive MENA economy
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Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
Business
Business
DMCC hosts 200 Dubai-based Chinese businessmen at China Business Day
Dubai, UAE -- Dubai Multi Commodities Centre hosted a China Business Day at Almas Tower, which drew more than 200...
- DMCC is home to more than 750 Chinese companies, which accounts for over 12 percent of all Chinese businesses registered in the UAE.
- DMCC said in a statement that the event celebrated the flourishing commercial ties between the UAE and China as bilateral trade is likely to reach 200bn by 2030.
Business
Sahara Q1 net profit $125m
The net profit plunged by more than 56 percent compared to Q1 2022.
- The company said in a Tadawul disclosure that its revenue of 2 billion riyals in Q1 was 11.11 percent less than 2.3 billion in the first quarter of 2022.
- Earnings per share was 0.65 riyal during the first three months of 2023, lower than 1.48 in Q1 2022.
Business
Saudi Fund for Development to provide $130m loans to Kyrgyzstan
Two loan agreements were signed in the Kyrgyz capital Bishkek by the SFD CEO Sultan bin Abdulrahman Al-Marshad with the...
- The first agreement worth $100 million involves financing the construction of 3000 housing units covering an area 255,000 square meters.
- The second agreement is related to financing of the Taraz-Talas Road Project (Phase 4), which aims to reconstruct 93 km of road to improve road safety.
Business
Multiply Group, Media 247 sign pact
The Group will acquire a 55 percent stake in Media 247.
- The investment in Media 247 falls under the buy and build vertical strategy of acquiring profitable companies, Multiply Group said.
- Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles and 3D structures spread across Dubai's strategic locations.
Geostrategy
West imposed nearly 800 sanctions on Iran since Sept 2022: Analyst
Tehran, Iran -- The West has intensified economic pressures on Iran in recent months and imposed nearly 800 sanctions on...
- Several Western governments imposed new sanctions on Iran in the aftermath of the protests against the death in custody of Mahsa Amini.
- Mohsen Pakaeen, a foreign policy analyst, asked Iran to improve the economic structure of the country to avoid the negative consequences of the sanctions.
Business
Iraq’s entry into SWIFT platform positive business message
Baghdad, Iraq -- The Federation of Iraqi Chambers of Commerce FICC has said that Iraq offers promising investment opportunities and...
- Iraq has thousands of promising investment opportunities in oil, agro-industries, commercial and tourism, said FICC head Abdul Razzaq Al-Zuhairi.
- He called on the government to "improve these processes and eliminate red tape, bureaucracy, nepotism and other things that keep the investor from investing his money in Iraq."
Arts & Culture
Yara, Fouad Wahed enthrall Arab music fans at Eid al Fitr concert
Abu Dhabi, UAE -- Arab music and culture fans in Al Ain were treated to a special Eid al Fitr...
- The concert was organized by the Department of Culture and Tourism at Al Ain Convention Centre.
- Fouad Abdul Wahed showcased the depth of regional music with some of his classics, including Yal Beed, ‎Al Hob Al Kbeer and Awsafek 3ajab.
Business
UAE conventional banks’ assets $829 billion by end of Jan 2023
Gross assets of the Islamic banks operating in the country increased to AED620.9 billion as of the end of January...
- Conventional banks in the UAE accounted for nearly 83.1 percent of the total assets in the banking sector by the end of Jan 2023.
- The Islamic banks’ deposits increased to AED434.1 billion in Jan 2023, an annual increase of 3.1 percent, compared to nearly AED421 billion in Jan 2022.
Business
P&G earnings solid on higher pricings
Its Q1 profits rose 1% to $3.4 billion, on a 4% increase in revenues.
- P&G shares rose 2.7 percent in pre-market trading following the results, which were better than expected.
- While there was a fall in sales volumes, this was offset by a 10 percent surge in product pricing -- boosting sales gains.
Geostrategy
ACT initiative to support developing nations achieve climate goals
Launched by the World Economic Forum, the World Trade Organisation (WTO) and the World Bank Group, the scheme aims to...
- ACT will use the expertise of the three participating organizations to provide participating economies with tailored trade analysis.
- Vulnerable populations in developing economies often suffer disproportionately damaging outcomes in terms of health, food insecurity and livelihood.
UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
Business
Company News
Investcorp portfolio firm listed
Business
UAE most competitive MENA economy
Infographics
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Israel-Gaza conflict won’t impact Riyadh FII summit outcome: CEO
Riyadh, Saudi Arabia -- The tragic developments in Gaza won't have a huge impact on the overall outcome of the...
Business
Turkey’s Atis Yapi opens Dubai office
This is the real estate giant's first office in the UAE.
Business
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Business
ACWA Power signs clean energy agreements with Chinese partners
Riyadh, Saudi Arabia -- Saudi-listed ACWA Power has signed seven cooperation agreements with Chinese firms for solar, green hydrogen and...
- The agreements were signed with entities including State Power Investment Corporation, one of the largest state-owned power generators in China.
- The agreements, which include green hydrogen and water desalination projects, the third Belt and Road Forum held in Beijing on October 17-18.
Business
Presight AI, TOTM form joint venture
The JV will develop and deploy their combined proprietary technologies.
- The joint venture agreement will establish an entity that will leverage Presight’s Big Data AI and Data Analytics capabilities.
- This will allow governments and enterprises to transform mission-critical infrastructure with intelligent new solutions that are data-driven.
Business
Sipchem 9M net profit down 67%
There was a 70% QoQ drop in net profit for the third quarter of 2023.
- The lower profit was due to a decline in revenues on lower product prices, as well as a fall in sales.
- In addition, the company's share of profits from investments in a joint venture and associates decreased, Argaam said.